Do You Qualify For a Studen Loan?

A student loan is almost inevitable these days. Colleges and universities charge so much between room and board, but students also have to worry about books, supplies, food, gas, and even class or lab fees. College can cost upwards of $40,000 per student, and parents are not always able to help, even if they want to.

Filing for financial aid and applying for a student loan is simple, as long as you know how to begin your process. Believe it or not, obtaining money and a student loan for a college education is not as complicated as people think. The financial aid process is different for each student, but there are factors that apply to almost everyone who applies.

Firstly, everyone should apply for financial aid and a student loan, even if they think they will not qualify. There are a number of factors involved in the eligibility process and there is always a possibility for a person to qualify, even if all they thought they would get is an approved student loan.

Next, the application for Federal Student Aid (FAFSA) is free. It determines an applicants eligibility for student aid programs and many private grant and scholarship programs.

A student loan comes in different programs. There are two categories available for a student loan. One is government loans and the other is private loans.

Basically, the government student loan, also known as a Stafford Loan, should be what an applicant applies for first. Parents can consider a government student loan. These are called PLUS Loans and they are especially for parents. From time to time, a private student loan can be competitive with a government student loan program. Check the internet carefully to explore your options.

A Federal Unsubsidized Loan is a student loan based on no-need. Every student who meets the eligibility requirements could meet the criteria for Federal Direct Unsubsidized Loans. There is no need for a co-signer to apply for Federal Direct Unsubsidized loans.

A Federal Subsidized Loan is a student loan made directly to the student. A person can apply for this financial by filling out and submitting a Free Application for Federal Student Aid (FAFSA form). Fundamental criteria must be met, which is determined by people of the federal government.

As you can see, a student loan is easily accessible. The internet and the government both make the process simple and streamlined for your convenience.

Federal Loan Consolidation for Medical Students

By the time you graduate you will most likely have at least $200,000.00 in student loan debt. After interest is added you could be paying a total of over $500,000.00, so it is extremely important to make sure you are getting the best deal possible with your loan consolidation. You will probably have both federal and private loans but for this article we will be dealing with only your federal loans.

Loan forgiveness –

The first thing to look into is if you will be eligible for any loan forgiveness, you don’t want to lose your eligibility by not knowing what is required. In general you have to practice in a facility that serves low income people for a number of years but the conditions do vary by state. Check with your state’s department of education for the specific rules. http://www.ed.gov/about/contacts/state/index.html With Stafford loans it doesn’t matter if you’ve consolidated the loans or not, they can be forgiven either way. With Perkins loans you lose any chance of forgiveness if you consolidate them so you should check into it before deciding to add them to a consolidation. The National Health Service Corps offers loan forgiveness programs for physicians who agree to serve a certain number of years in areas that lack adequate medical care. Many hospitals and private care facilities offer loan repayment as an employment incentive for medical personnel.

Deferral and forbearance –

When you graduate and go into your residency or fellowship your loans will be switched to repayment status and you will have to make payment arrangements. Since most students in residency or fellowships do not make that much money they want put off making their payments. All federal loans come with the benefit of three years of forbearance and three years of deferral. In deferral the government pays the interest on the subsidized portion of your loans, in forbearance you are responsible for all of the interest. You must qualify for deferral, some fellowships qualify but since residency is considered employment the only option there is if you can show an economic hardship. In general your loan payments must exceed 20% of your disposable income to qualify for economic hardship.

One of the benefits to consolidation is your deferral and forbearance time is renewed. This can be important to a medical student looking at a long residency, in that case you would want to wait to consolidate until you have used all of your deferral time so you can have three more years of it. It is important to remember that you are gathering interest during this time on all but the subsidized portion of any loans in deferral, the costs can really add up. Most lenders will allow you to make payments as you can during deferral and forbearance, if you think you will be able to offset your costs by paying anything during this time make sure your lender will accept payments when you are considering a consolidation company.

Capitalizing interest –

When choosing a consolidation company ask how often they capitalize interest during your deferral or forbearance period. A company that capitalizes quarterly will cost you more in the long run than a company that capitalizes yearly.

A student loan consolidation can save you thousands of dollars in interest but you must choose your company wisely. Ask questions before you decide who to consolidate with. Know how much you will be paying in total.

Federal Student Loan Consolidation

Some colleges estimate that as many as 90% of their students have received some form of financial aid. Graduation comes and you have to start thinking about paying these loans back. What is the best way to manage your loan payments? For many students it’s a federal loan consolidation.

There are many benefits to a student loan consolidation.
• Reduces your monthly payment up to 60%
• Locks in your interest rates- protecting you from future increases.
• Simplifies your finances by having to make only one payment each month.
• Improves your credit rating.
• Provides flexible payment options.
• No prepayment penalties
In addition competing consolidation lenders offer repayment incentives which will save you money.

Who is eligible for student loan consolidation?

There are very few requirements to qualify for federal student loan consolidation. The following requirements are the basis for eligibility:
• You must have more than $10,000 in outstanding federal student loans.
• You must be finished with school or taking less than 6 credit hours and attending classes.
• You can not consolidate any defaulted federal student loans until they have been repaired.

In addition, consolidation loans are easy to get.
• You do not need to be employed.
• You do not need to have any form of collateral.
• You do not need a cosigner.
• You do not need to have good credit.

Even Parent PLUS loans can be consolidated! You can combine the loans for all of your children into one easy payment.

Speak to a knowledgeable loan counselor today and find out if consolidation is right for you.

Federal Education Services is a company that specializes in federal student loan consolidation, Stafford loan origination, PLUS and Graduate PLUS loan origination and as a resource for students with questions regarding educational financing. For any questions regarding this article please contact Federal Education Services.

Student Loan Consolidation

When I started in college, I went about three years before I had st get a student loan. I had to be sure that the loan that I picked out would best fit my student profile. Since I was a junior, I was able to pull out more, yet I had to be sure that I was picking a reasonable amount. Believe me I was super tempted to take out the max & live care free the duration of my college year. I had a very good mentor friend who advised highly against this. They guided me step by step, what was needed & what I could do without. I remember thinking that I was going to still be a poor college student with no play money, sucks to be me. Now that I look back & on a paupers salary (I opted to being a public defender)

I am grateful that I didn't take out my heart's desire because with consolidation, I look at about $440.23 in loan payments. I was given my six month grace period & the first loan payment came due then the second place that I had to opt to use because that was what the school offered. I for about 16 months paid these two separate places, it was a total pain the rear! Well, one day talking to my friend about the different things that we talk about at lunch; she started complaining that it was becoming a hassle that to have two separate tickets for one education. I totally agreed with her, I seriously had been thinking that I was the only one that was thinking like her. It was completely frustrating to feel that it was going to take forever to pay these loans off. I mean hello, 10 yrs is a long time to pay out a loan even if it is a low interest rate.

That night, I went on a quest to go find out if there was a solution to this madness. You guessed it, I found my solution! I went online and I typed in different search phrases, school loan consolidation college loan consolidation school consolidation consolidation college consolidation student student loan consolidation rates federal student loan consolidation consolidate student loan consolidate school loans consolidation loan rate consolidation of student loans private student loan consolidation consolidate student loans plus loan consolidation student loans consolidation federal loan consolidation student loan consolidation programs student loan consolidation calculator student loan consolidation program school consolidation loans student loan consolidators best student loan consolidation education loan consolidation federal direct consolidation student loan debt consolidation consolidate private student loans federal direct consolidation loan student loan consolidation center stafford loan consolidation

I was actually given this list of search variations by a friend of mine who is a genius when it comes to business ads & whatnot. he can find me anything. I was able to narrow my search down to the top three places to really look at when consolidating. You want to look at the percentages, you also want to look at the terms & the final thing that I personally believe is the most important is the reputation of the consolidation agency. The three places that I scoured before making my decision were:

• HelpLoans - These are more geared towards alternative loan consolidations. I called them & was connected pretty quickly yet the lady seemed more interested in talking really fast to get her point across regarding the company. Wasn't much room for me to get my questions in, I was in fact referred to a FAQ board that was supposed to give me all the answers -B for good rates, seemed a bit on the pushy side

• Scholarpoint - still have yet to hear back from them, and they were contacted 3 days ago.

• Studentloansolutions - I liked this one because they consolidate & the rates are awesome. Customer service is very relaxed. I give this place an A. Go talk to Gary, he is freaking hilarious!

How To Choose The Best Student Laptop?

How To Choose the Best Student Laptop?

Merchants are singing those three magic words again, 'Back to School' and the fallout is everywhere!

Just as you're getting your deep dark pre-cancerous tan going -- you hear those words -- and it spells the end of summer. Once again we are bombarded with advertising, featuring the latest in 'teen ware' 'school ware' and 'metal detector ware'. Kidding!

Is it just me or does it seem this year there is a lot more 'Back to School' advertising for notebooks and laptops? They seem to be everywhere... on TV, radio, and online.

Laptop ads are everywhere. Why is this?

Well, notebooks have come down in price, they have become more affordable, even for the modest student. Laptops have also come down in size, making them ideal for that school napsack, or dormroom. They have also become tougher and sturdier... better equipped to meet the hard/wear/tear that students give it.

With notebook technology changing every two years or so; notebooks can now handle most tasks students throw their way. These advanced notebooks can do the job. They also present a much stronger entertainment value to students, they can handle better graphics and gaming, but most students try to keep parents in the dark about this factor as they plead for a new laptop for college or school. All this pleading is further fueling the demand for laptops.

Then there is a little thing called the Internet. Throw in a wireless connection and the student laptop is coming into its own. Big Time!

The Internet has become a second teacher/parent/counselor to most students. God help us all! But it has also become a priceless source of the collective knowledge on this planet; frightening but true. The Internet is an invaluable source of knowledge for any high school/college student.

Not having ready access to all this knowledge and information will put any student at a disadvantage with his peers. It's a very competitive world, in high school, in college and in the future job market; every student should have an even playing field.

That's where the little notebook computer enters stage right!

Laptops or notebooks have quickly become a school necessity. When? How? Why?...

It's the perfect learning tool for students:

* very portable, you can carry them anywhere, class, cafe, dorm, home...

* very convenient, you can take notes in class, type up assignments, print assignments, communicate home, access the Internet...

* very tough, many newer notebooks are designed to withstand a good pounding and keep on computing, ruggerized for sturdy use...

* very powerful, notebooks or laptops are catching up to their desktop cousins in computing speed, hard drive storage and performance...

* very affordable, prices have dropped and are falling even further, laptops are now outselling desktop PCs so this price will drop even further, there's a whole slew of used and refurbished laptops hitting the market...

If you're a parent, student, or guardian; here are some of the factors you should consider when buying the best student laptop or notebook:

* size, it must be small, lightweight and very portable, fit comfortably under the arm or in that backpack

* sturdy, it must be tough, sturdy, ruggerized, and able to take more than one hard knock because students are students

* connections, wireless connections should be offered, the Internet is such a valuable tool in itself - a student should be able to access it anywhere. Most notebooks have these connections but check -- a printer port, a 56Kbps-modem, a VGA port for an external monitor, and should have at least one USB port for external keyboard/mouse, digital cameras, drives, and MP3 players

* technical specs, it should have enough RAM, storage space (hard drive) and computing speed to do any job the student can throw at it

* battery life, make sure your student notebook has a reasonable battery life, 5 hours or more

* price, it should be reasonably priced, refurbished laptops may be an option for those on a strict budget

However, some words of wisdom, students or parents shouldn't skimp too much -- if you're spending 10's of thousands on an education, you should also provide for the best possible equipment in the form of a sturdy, lightweight high performance laptop. Besides, a high quality laptop will last for years... just imagine your son or daughter writing their resumes on it after they have finished college... keep this image in your mind as you go about buying that perfect student laptop

Choosing The Right Student Credit Card

Having the amount of cash you need on hand when you need it is important when you are a student. What may be even more important is that some credit cards will save you more money than others allowing you to have even more money on hand if you are on limited budget. Here is how you can choose the right student credit card and get more money back.

Student credit cards come with a variety of benefits. Each category is designed to be of particular benefit according to your specific needs. This way you choose the kind of student credit card that will be the most benefit to you. These cards range from driver's cards, which give points or rebates for the gas and car repairs you pay for, to entertainment cards that give points for going to movies, purchasing DVD's, CD's and other electronics, to air miles for your flights and hotels.

By choosing the type of card that you need - or according to your greatest expenditures each month, you can get discounts, cash back, or even free stuff like trips, tickets, free movies, tickets to Disneyland, and more. Normally, most student credit cards have two levels for giving out their points. A higher level focusing on the type of card it is, a gas card will give the most points for gas purchases at their brand of gas station, but will give fewer points or cash back for other purchases, like food, restaurants, and clothes.

Most student credit cards have a higher interest rate, simply because you either do not have a credit rating yet, or have not had enough time to have earned a reliable credit score. This means you should look at the credit card as a tool to build your credit score. Right use can mean that you can get bigger amounts of credit for those larger items you want to buy when you get out of college - or even before you finish.

Before you sign the agreement, though, you want to do some comparative shopping and read the fine print. Credit cards, like anything else, have good ones and not so good ones. Start by looking at the interest rate. Select one that is about as low as you can get. After the introductory period wears off, you will be paying this rate if you do not pay the card off in full each month. Also, compare the various fees, and find the one with the lowest fees. It should also allow you to make balance transfers, too, without charging you for it.

Credit cards for students may or may not require a consignor. While some do not, the credit limit will be low to start with - again, until you build a credit rating. Watch out for being late with payments - this could place you instantly, regardless of the introductory offer, into a higher interest rate.

Another possibility is a prepaid student credit card. These act like debit cards in that you make a deposit and then you can use the card to access your money when you shop. You do not need a credit score of any kind to get this kind of card - or even a job. Some of them will allow you to build your credit rating. If that is what you want (recommended) then make sure the credit card company reports to the credit bureaus. There will probably be an extra fee for this service.

Get a Student Credit Card to Make College Life Easier

Student Credit Cards become a must and so, when shopping for a credit card one can’t be careful enough. There are many things one needs to know before applying for a student credit card; following are some tips that will help you get started with the application process and will also teach you some basics on credit card proper use:

Fees and Rates

Student Credit Cards have somewhat high fees and interest rate, this is due to the fact that students usually lack a credit history and so, the credit card issuer is making a blind guess so to speak.

If you want to get a lower interest rate, though not required, you can always apply with a co-signer. A co-signer will become responsible for the card debt along with the credit card holder and if the holder fails to pay, he will have to cancel the debt. If a co-signer is present, his credit score will be considered in order to calculate the interest rate, and if the co-signer has good credit then, the card will carry a lower interest rate.

Starting six months 0% APR

In order to make things easier for students, most student credit cards offer a 0% APR for at least six months. Students tend to use this special promotional rate to pay for all he moving and settling expenses. Starting college is usually very expensive: moving expenses, studying material, college costs, more than usual phone calls, etc. And it is good to have cheap finance during this initial period, once the promotional period ends, the student will be already settled and won’t have so many expenses.

Additional Benefit

Another benefit that comes along with being a credit card holder is that requirements for obtaining other services like a phone line, ISP, etc. or even renting an apartment will be eased due to the fact that owning a credit card is prove of credit worthiness.

Moreover, some landlords actually require tenants to own a Credit Card in order to lease them rooms or apartments. In any case, being a credit card holder is always a plus not only for the use you can make out of it, but also because of what having one implies.

Getting the right Student Credit Card

At this point, you surely want to know where you can get a student credit card. There is no single answer to that question. However, the best way to finding the right student credit card for you is to perform an online search and request information from different credit card issuers, comparing them and once you’ve found which one is best for you, you can apply directly online. This way, you’ll get the best deal at the lowest cost.